KUALA LUMPUR, May 28 — Bank Negara Malaysia (BNM) has imposed an administrative monetary penalty on four banks: Bank Pembangunan Malaysia Bhd (BPMB), HSBC Bank Malaysia Bhd, HSBC Amanah Malaysia Bhd, and Maybank Islamic Bhd for various breaches of financial regulations.
It said RM493,500 was imposed on BPMB for non-compliance with provisions under the Development Financial Institutions Act 2002, as well as the Anti-Money Laundering, Countering Financing of Terrorism, and Targeted Financial Sanctions for Financial Institutions (AML/CFT & TFS) Policy Document.
In a statement today, BMN said it has also imposed a RM3.26 million administrative monetary penalty on HSBC Bank Malaysia Bhd for non-compliances related to customer due diligence and sanctions screening requirements, as well as on HSBC Amanah Malaysia Bhd for non-compliances.
The penalty was issued for non-compliance with the Financial Services Act 2013 and the Islamic Financial Services Act 2013, as well as requirements on the Anti-Money Laundering, Countering Financing of Terrorism, Countering Proliferation Financing, and Targeted Financial Sanctions for Financial Institutions.
It added that on March 3, it imposed a RM1.2 million penalty on Maybank Islamic Bhd for non-compliance with section 155(3)(b) of the Islamic Financial Services Act 2013.
The penalty was issued for non-compliance with the Islamic Financial Services Act 2013 and Central Credit Reference Information System Policy Document.
— Bernama
